Friday, June 24,
mjunction services which is a 50:50 joint venture between Tata Steel and Steel Authority of India has decided to sell imported coal through its online arm, coaljunction from the next month.
mjunction’s move comes at a time when Indian companies, particularly in the cement, steel and power sectors, are actively looking to supplement domestic coal supplies with overseas resource support and the coal imports are likely to touch 100 million tonnes this year.
mjunction, which is looking at import of thermal coal from countries such as Indonesia and South Africa, hopes to bring in the first shipment of 60,000 tonnes in July.
However, sale of imported coal will be coaljunction’s own offering and follow a model different from existing model of e-auction of domestic coal.
“Through coaljunction we want to develop revenue sources and build up capabilities for sale of imported coal. coaljunction has nearly 10,000 registered buyers. Our focus is on small buyers with a requirement of around 5,000 tonnes. We will aggregate the requirement of small buyers, including sponge iron makers and brick kilns, to come up with a reasonable import volume,” said Managing Directo, Mr Viresh Oberoi.
Source: The Economic Times
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